(a) The record owner at the time of tax foreclosure of property acquired by the borough or city or the assigns of that record owner, may, within 10 years and before the sale or contract of sale of the tax-foreclosed property by the borough or city, repurchase the property. The borough or city shall sell the property for the full amount applicable to the property under the judgment and decree, with interest at 12 percent per year from the date of entry of the judgment of foreclosure to the date of repurchase, delinquent taxes assessed and levied as though it had continued in private ownership, and costs of foreclosure and sale.

(b) After adoption of an ordinance providing for the retention of tax-foreclosed property by the city or borough for a public purpose, the right of the former record owner to repurchase the property ceases. [Ord. No. 558, §37, 2-18-86. Code 1974 §45.13.095.]